CHICAGO — Chicago Mayor Rahm Emanuel submitted to the City Council Wednesday ordinances allowing for the issuance of up to $1.5 billion of Midway Airport bonds and about $300 million of wastewater revenue bonds while pushing off a vote on his controversial plan to set up a new financing arm for some infrastructure projects.
The wastewater ordinance authorizes the sale of $300 million of new money and provides room for refunding bonds of up to $300 million. The new money would cover two years worth of projects, city finance officials said. The city intends to issue fixed-rate bonds. The ordinance also authorizes a $150 million commercial paper program.